The creators of CryptoPunks, one of the most popular NFT projects on the web, just revealed their latest project called Meebits. The project includes 20,000 procedurally generated 3D characters that are tradeable on the Ethereum blockchain.
There have been hundreds of 3D avatar NFT platforms that have popped up over the past few months hoping to gain traction and capture the excitement of crypto buyers, but the traction of the team at Larva Labs whose CryptoPunks pixel portrait project has generated over $ 550 million in lifetime sales will likely make this platform another success. Meebits comes at a time of maximum hype for their first CryptoPunks effort, weeks away from a Christie’s auction that many expect to fetch a price of tens of millions of dollars. It also happens because Ethereum had one of its best weeks on record, hitting all-time highs almost every day this week. Ethereum is currently trading at just under $ 3,300.
In a blog post, the creators of Larva Labs say they hope the Meebits will eventually serve as avatars for “virtual worlds, games, and virtual reality.” Meebits not only have a revised art style, but Larva Labs has made some underlying changes to the market at no cost, probably the most important of which is the ability to customize transactions allowing users to trade Meebits with each other in a more meaningful way. complex.
In my profile of the company’s CryptoPunks project last month, the team founders were hopeful that their new project would lower the barrier of entry as CryptoPunks prices hit stratospheric heights, it appears that even doubling the supply. Total (20,000 Avatars vs. 10,000 CryptoPunks Digits) Meebits are about to be another expensive affair.
The company is distributing Meebit avatars through a Dutch auction, which means that the purchase and strike price of a Meebit will drop to zero Eth (plus Ethereum gas fees) during a week. Currently, users are paying 2.49 Eth to hit a random Meebit, an investment of nearly $ 8,500 at current prices. Nonetheless, around 2,000 of them have already been sold, meaning the creators have already raked in almost $ 20 million from Eth after just over two hours on the market.